ING acquires leading Slovak private pension provider VSP Tatry Sympatia

28.07.2005

ING Group has today reached an agreement with TBIH Financial Services Group N.V. on the acquisition of VSP Tatry-Sympatia, the management company of the leading private pension fund in the Slovak Republic. The value of the transaction is approximately EUR 35 million.

TBIH is a private equity group focused on financial services in several CEE countries. It is part of the Kardan Group, which is listed on the stock exchanges in Israel and the Netherlands.

Tatry Sympatia is market leader for managing voluntary private pensions in the Slovak Republic, serving over 300,000 clients. Its assets under management total EUR 181 million and its market share is 44%.

The acquisition of Tatry Sympatia considerably strengthens ING’s position in the Slovak Republic, where it currently has 200,000 clients in life insurance and mandatory pensions. Tatry Sympatia gives ING the required scale to build a strong and sustainable position in the field of pensions in the Slovak Republic.

“The transaction is in line with ING’s strategy of pursuing carefully selected add-on acquisitions that strengthen ING’s position in key growth markets”, said Jan Nijssen, CEO Insurance Central Europe and Global Head Pensions of ING Group.“Retirement services/pensions and emerging markets are two of ING’s principal growth areas. So, the addition of Tatry Sympatia fits perfectly into ING’s growth strategy.” ING is a leading life insurance and pension provider in Central Europe.

Final conclusion of the transaction is subject to the required regulatory approvals.

Press enquiries: ING Group: Frank van der Voort, +31 20 541 5469 or +31 6 150 63 913, frank.van.der.voort@ing.com

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 113,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.